The only game in town: Khazanah sells Tenaga block

Malaysian state fund sells $289 million of shares in the country’s largest power distributor, marking its fifth selldown since 2012.

Khazanah Nasional sold M$1.2 billion $289 million of shares in power distributor Tenaga Nasional through a discounted block trade late Thursday, the latest transaction under the state fund’s strategy of selling Malaysian stocks to increase liquidity.

Tenaga is one of Khazanah’s most frequent selldown targets. It has sold shares every year since 2012, raising about $1.5 billion through five transactions, including four aftermarket block deals and a $500 million bond, exchangeable into Tenaga shares,...